SAN FRANCISCO — Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

"I got too caught up in the fear of missing out and trying to make a quick buck," he said this week. "The losses have pretty much left me financially ruined."..............................................................Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."....................................................................Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 percent in value.

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."

Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."

easy access to $90,000 in cash to blow on cryptos....i wouldn't exactly call that hardship

SAN FRANCISCO — Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

"I got too caught up in the fear of missing out and trying to make a quick buck," he said this week. "The losses have pretty much left me financially ruined."..............................................................Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."....................................................................Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 percent in value.

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."

But Mr. Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects.

"There's just so much more behind this new wave of technology and innovation that I'm sure will take over our society in due time," Mr. Yoo said.

With prices down so much, he said he was actually looking to put more money into the markets.

Few days ago it was wearing stretch jeans and now it's watching fashion TV, what have you done to our NRA survivalist.

Due to the summer heat, I either stay home to watch Korean melodrama and 1 million dance studio videos, or enjoy free AC at the mall while I shop for discounted clothing. As soon as the weather cools I'll be back in the forests, attending classes on foraging, beer and cheese making:

After Venezuela's socialist government destroyed the economy and decimated its currency (the bolivar), the socialists announced in February that Venezuela would be switching to cryptocurrency. Despite the fact that after six months this cryptocurrency (the petro) is nowhere to be found, the socialists still insist they will start paying debts and government pensions in cryptocurrency.

This is interesting because Venezuela's biggest creditor is China which takes a dim view of cryptocurrency (trade in bitcoin is banned in the PRC). Soon all that sweet Venezuelan crude will belong to the PRC. This is why we must discourage further PRC investment in the Americas.

After doing some more reading, one of the biggest problems with cryptocurrency are the exchanges and the wallets. There have been major hacks involving losses of millions/billions of dollars at different levels either by modifying the transactions before the hashes can be guessed, manipulating the valuation, copying keys, stealing wallet accounts etc etc.

And unlike banks where you have FDIC to protect your money, I'm not sure if there is some insurance system in place for cryptocurrency owners.